Lai Si shares oversubscribed 188 times

Locally based construction and renovation firm Lai Si Enterprise Holding Ltd. said its initial public offering has attracted applications 187.7 times over its initial offer, according to its filing with Hong Kong Stock Exchange.
The company, which officially listed on the stock market today, has received 8,848 valid applications for some 1.88 million public offer shares compared to the total number of 10 million public offer shares initial under the IPO.
Offering HK$1.15 per share, the company’s IPO has gathered net proceeds 6f HK$89.8 million (US$11.6 million) after deducting related underwriting fees and estimated expenses for the share offer.
The announcement reads that the company w533 allocate net proceedings to finance the government’s fitting-out and construction in the MSAR, in addition to financing the start-up costs of its fitting-out business in Hong Kong.
Due to oversubscription, the company said it had relocated 40 million shares from the placing to the public offer, making the total number of shares offered 50 million, accounting for half of the total number of the shares available under the offer.
In addition, the company said its placing was also oversubscribed, at 5.25 times of the initial offering of 90 million shares.
The enterprise, founded in 1987 in Macau, is a construction company which engages in fitting-out works and construction as a contractor. The company also offers services relating to repair and maintenance works.
Lai Si has engaged in projects for hotels, casino operators, international retailers, food and beverage outlets, and landowners as well as those for the MSAR Government.